FTX, the cryptocurrency exchange linked to Solana, is accused of manipulating the market, stealing from competitors, and harming the chances of the average person to make money in crypto. The allegations include pumping up the price of tokens prior to launch and dumping on retail investors in key projects who are competition for Solana, such as Axie Infinity and ICP. The manipulations allegedly targeted Axie Infinity’s Ronin token and attacked ICP, the protocol behind Dfinity. Traders on FTX are said to exploit the kimchi premium, while Alameda Research, started by FTX founder Sam Bankman-Fried (SBF), is viewed as his secret financial weapon.
FTX Crypto Under Attack
There’s a fox in the crypto henhouse, and its name is FTX Crypto. According to reliable sources, FTX is manipulating, stealing, and backstabbing any competitors in the space, especially other layer 1 protocols that threaten the success of Solana.
FTX Ruining Chances for Average Investors
FTX is not only hurting its competitors but also ruining the chance for the average person to make money in crypto. They’re playing games with people’s lives, and that’s not right. It’s time to expose FTX and SBF for what they really are.
FTX Attacks on Axie Infinity and ICP
FTX has been pumping up the price of tokens prior to their launch and then dumping on retail investors in key projects in the space who are competition for Solana. Specifically, they attacked Axie Infinity’s Ronin token and made direct attacks on ICP, the project of Dfinity.
FTX’s Game Plan
FTX’s game plan is simple: eliminate the competition. That’s how they plan to become the Nasdaq of crypto. They’re using their power to knock down all the other buildings instead of building the tallest one themselves.
Manipulation by FTX
FTX’s actions have caused the market to experience some shenanigans, and it’s definitely manipulation. In January of 2022, FTX listed Ronin perpetual futures contracts weeks before the token RON came to live on other exchanges. Then in May of 2021, FTX listed ICP four days before it went live anywhere else.
Traders Involved with Alameda Research
The traders involved with Alameda Research exploit things. It’s what they do. SBF left Alameda Research in 2021, but he still owns 90% of the company. It’s his secret financial weapon that he uses to gain influence with policymakers so he can shape crypto in the way he wants it.
Battle Lines in Crypto
The battle lines in crypto have been drawn. On one side, we have the manipulators who want to see crypto turned into everything it wasn’t supposed to be. On the other side, we have the people. Together, we’re stronger than the elite, and we can make sure crypto remains the exciting asset class it is.